Electric vehicles have been rapidly growing in popularity around the world. In fact, some optimistic estimates suggest they will be responsible for 50% of all car sales in the United States by the year 2030.
Hefty tariffs and the elimination of government incentives have put some electric car makers under stress. But as Electrek reported, a new deal between the governments of the United States and South Korea has lowered tariffs between the two countries, benefiting Korean manufacturers such as Hyundai and U.S. consumers.
Hyundai is hoping to set sales records in the United States for the sixth consecutive year in 2026. The company is expected to import about 1 million vehicles to the United States this year, and it hopes to locally manufacture 80% of the cars it sells in the U.S. by 2030.
The tariff reductions are great news for people who are considering making their next car an EV.
Electric vehicles come with many benefits. First and foremost, they save consumers money as they don't require expensive gas or costly maintenance. They are also good for the environment because they don't release toxic tailpipe emissions into the air.
Consumers can save even more money while benefiting the environment by charging their electric vehicles at home. This will save hundreds of dollars over using public chargers. Qmerit makes home charging easy by offering free, instant installation estimates for homeowners looking to install Level 2 EV chargers.
An even more effective way to save money and benefit the environment is to pair home charging technology with solar panels rather than relying on the grid.
TCD's Solar Explorer connects consumers with vetted installers of solar panels and can save customers up to $10,000 by curating competitive bids. EnergySage is one example of a Solar Explorer partner that makes it simple to receive quotes from vetted installers, save on solar installations, and get info about available incentives.
For their part, the leaders behind Hyundai were buoyed by the sales numbers they were seeing, per Electrek.
Hyundai is "on a record pace and fully expect to go '5 for 5 in 2025,'" meaning they would break their sales records for a fifth consecutive year, according to North America CEO Randy Parker.
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I already own one 😎 American government officials were also pleased with the overall partnership with Korea.
"Korea's commitment to American investment strengthens our economic partnership and domestic jobs and industry," U.S. Commerce Secretary Howard Lutnick said, per CNBC.
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